Thursday, June 11, 2015

Do All The Little Things Add Up? 2015

Over the weekend, I gathered up all my little piggy banks and loose change and decided to go and magically transform them into something more useful!

If you didn't know, The Singapore Mint actually has coin deposit machines that will accept all your coins and then credit you with the money electronically!

(Source: Clementionline)

They used to have a coin deposit machine at their retail branch at Orchard Central, but I guess it wasn't very popular so they decided to put the machine to better use by having it rotate around at different CC's. Here is the schedule for the rest of the year if you are interested!

Since the Orchard Central branch did not have a machine anymore, my previous ritual of going there to cash in my coins was unfortunately broken. However, I managed to convince a friend last year to save up her coins as well, so we decided to go to one of the CCs together and cash in our coins!

Guess how much money I got from saving up coins?

$398.01!

Wow, that's not too bad right? I deposited a total of $409.65 worth of coins, but the fees for processing all the coins amounted to $11.64, so my net balance was $398.01.

If I am not wrong, OCBC has no coin deposit facilities. DBS/POSB do have coin deposit facilities, but their fees are ridiculous at $0.012/piece. The mint fees was only $0.00325, which is so much cheaper! I did have a ton of old 1c coins and lots of 5c coins, which is why my fees are pretty high in relationship to the total amount I deposited. Previously, the first 1000 pieces was free to process!

Putting my loose change into a small piggy bank every day after I return back to my desk from lunch, or once I reach back home from going out has been a really good habit for me.

Firstly, since I no longer carry coins around with me, my wallet is very, very, very thin and that makes it very comfortable and enjoyable for me to carry around. The joys of having a simple, thin and discreet wallet cannot be explained, only experienced and enjoyed.

Secondly, buying things is so much easier for me now. It is either by card or by a note. There is no fumbling around try to find exact change to minimize the number of coins I keep. I let all my coins run wild in my pocket until I reach home. I don't stress out if I buy something for $1.10 and I have to use a $2 note.

Thirdly, I am never spending money just to "get rid of change". Since I know that the coins saved will come back into my bank balance for future use, I never think of coins as being too small to be worth anything.

Lastly, it's really quite a sizable amount of money that I managed to squirrel away. I think I could probably buy 100 shares of SembCorp Ind with that money I managed to salvage, haha!

This is one of the few habits that I quite like that I adopted. Forming good habits make sure that you are always subconsciously doing the right thing for you, all the time. By the time I retire from working, I wonder how much "pocket change" money I would have managed to save.

Thousands?

Probably!

3 comments:

  1. It pains me to give bank 11sgd for nothing. I dun have coins piling up over time nor force myself to spend. Whew

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    Replies
    1. Hi Rokawa,

      Yeah, the fee heart pain, especially when a year ago the 1st 1000 pieces were free!

      But this time around I had a whole bag of 1c and 5c coins that my mother ask me to clear out. Better to be sitting in my bank with a slight haircut, than sitting in a container rusting away!

      Delete
  2. I actually give my coins to the coffee shop uncle who operates the F&B stall (usually the owner of the entire coffee shop). What I do is I pack my coins by denomination into bags of $10. You can get those cheap ziplock-type bags from Daiso. The coffee shop owner will pass you the cash on the spot. Has worked for me for 3 different establishments. Give it a try.

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